After working satisfactorily for 6 months, Collin will be eligible for a 7% raise. How much will Collin's
gross salary be, after her raise, for each 2-week pay period? His current gross salary is $1,083.34.
Collin's raise will be 7% of his current gross salary of $1,083.34, which is:
0.07 x $1,083.34 = $75.83
So his new gross salary will be:
$1,083.34 + $75.83 = $1,159.17
To calculate his new gross salary for each 2-week pay period, we need to divide this by the number of pay periods per year. Assuming Collin is paid bi-weekly (26 pay periods per year), his new gross salary per pay period will be:
$1,159.17 / 26 = $44.58
Therefore, after the 7% raise, Collin's gross salary for each 2-week pay period will be $44.58.
To calculate Collin's gross salary after the raise for each 2-week pay period, follow these steps:
Step 1: Calculate the raise amount
The raise amount is 7% of Collin's current gross salary.
Raise amount = (7/100) * $1,083.34
Step 2: Add the raise amount to Collin's current gross salary
New gross salary = $1,083.34 + raise amount
Step 3: Divide the new gross salary by the number of pay periods in a year
Since there are 52 weeks in a year and Collin is paid every 2 weeks, there are 52/2 = 26 pay periods in a year.
Gross salary per pay period = New gross salary / Number of pay periods in a year
Now, let's calculate the values:
Step 1: Calculate the raise amount
Raise amount = (7/100) * $1,083.34 = $75.8338 (rounded to the nearest cent)
Step 2: Add the raise amount to Collin's current gross salary
New gross salary = $1,083.34 + $75.8338 = $1,159.1738 (rounded to the nearest cent)
Step 3: Divide the new gross salary by the number of pay periods in a year
Gross salary per pay period = $1,159.1738 / 26 = $44.5836 (rounded to the nearest cent)
Therefore, Collin's gross salary, after the 7% raise, for each 2-week pay period will be approximately $44.58.